Saudi crude share of S. Korea's imports falls below 30% for 1st time in 5 yrs
Saudi Arabian crude oil accounted for less than 30 percent of South Korea's crude imports this year, industry data showed Monday, amid efforts by local refiners to diversify their sources of crude following geopolitical risks in the Middle East. According to the data from the Korea National Oil Corp. and the Korea Petroleum Association, Saudi crude accounted for 29.9 percent of the country's…
This year marks the first time in five years that Saudi crude oil has comprised less than 30% of South Korea's crude oil imports, industry data revealed on Monday. South Korean refiners are actively seeking to diversify their sources of crude as a result of geopolitical risks in the Middle East.
According to figures from the Korea National Oil Corp. and the Korea Petroleum Association, Saudi crude oil constituted 29.9% of South Korea's total crude oil imports during the January-August period, a decline from the 30.91% recorded in the previous month. This represents the first instance since 2019 that the share of Saudi crude oil fell below the 30% threshold.
Despite remaining South Korea's largest supplier of crude oil, Saudi Arabia's share of imports has fallen below 30% since 2021. This occurred when global crude oil supplies were disrupted due to heightened tensions in the Middle East and the COVID-19 pandemic. Industry experts predict that if this downward trend persists, Saudi Arabia's share could drop to third place or even lower this year, potentially surpassing the lowest record of 1986.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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